Fossil fuels increasingly offer a poor return on energy investment -- ScienceDaily
The Paris Agreement is clear. We must limit the global temperature rise to well below 2C — striving for 1. For that to happen, global emissions need to peak and then rapidly fall to zero. Failing to do so will lead us into uncharted territory, with far-reaching consequences for our economy and societies around the world. Achieving this goal, however, will bring a multitude of benefits for both people and planet. But what does this transition mean for the oil and gas industry?
A new study analyses energy transitions throughout history and argues that only looking towards the past can often paint an overly bleak and unnecessary picture Image credit: istock. The worldwide reliance on burning fossil fuels to create energy could be phased out in a decade, according to an article published by a major energy think tank in the UK. Professor Benjamin Sovacool, Director of the Sussex Energy Group at the University of Sussex, believes that the next great energy revolution could take place in a fraction of the time of major changes in the past. But it would take a collaborative, interdisciplinary, multi-scalar effort to get there, he warns.
Given their importance, the future of fossil fuels is of enormous economic, geo-political and environmental importance. Will supply be able to meet rising demand? Will continuing improvements in technology prevent costs rising as unconventional and increasingly remote resources come into play?